What retail businesses can learn from the casino industry
Retail has suffered over the past few years and there are few signs of it improving in the immediate future. Yet in contrast, one industry has grown steadily, building itself up on a platform of innovation both online and in physical spaces. That is the gambling and casino industry.
Part of this can be put down to its accessibility both on and offline. Below, we discuss what retail businesses can take from the growth of the gambling sector.
When it comes to the product, on the surface both industries seem vastly different.
Retail is selling a hard, physical product whereas the casino industry is offering a form of entertainment. Yet scratch the surface and people are fundamentally looking for the same thing when they shop or play games: An experience.
As an example, imagine someone signing up to play roulette online. The casinos they can choose from have a lot of competition. Therefore, they enhance the experience with bonuses and incentives.
Different types of roulette will also be on offer so that the customer has a choice. All this provides a way to customise their experience of the game and platform they decide to use.
So how does this transfer to retail? Customising a product costs money, especially when adding small variations. But you can allow customers to customise the whole experience. On a basic level, this may include things such as installing different points of sale or delivery methods.
However, it could also include how you decide to sell, bundling products together for discounts, and up-selling products. Just like many casinos allow people to choose a bonus package, so can your shop customers.
One method the casino industry has implemented expertly is in employing a hybrid approach to their spaces, with both physical casinos that are backed up by online offerings. Both have unique benefits, which when used together provide a complete approach.
For example, physical casinos have sights and sounds. Going to one is an event, which is hard to replicate when done on a screen. Yet the online casino offers a more casual form of play that can be used anywhere at any time.
In retail, you can do this in two ways. The first is by making your shop an experience. You need to want to make people get off their sofas and out into the world, to see what your space has to offer.
It needs to go beyond a conventional salesroom. However, casual shopping and browsing aspects can be done via a well-constructed application or a mobile friendly website.
Another thing they must both have in common is a theme. Your branding and marketing methods must flow through between one and the other.
While they don’t need to be exact, you don’t want a high class, baroque themed clothing shop with a modern, street-style themed website. The two just won’t match.
You should not be afraid to use one to promote the other. Direct people in your retail space to your online store and create incentives for digital customers to go into shops.
By using this approach, you cover all bases and should begin to increase sales and footfall in both areas.